Friday, August 11, 2017

"Three Uber Investors Ask Benchmark to Forfeit Board Seat"

The dysfunction is strong with this one.
From Bloomberg:

They say in a letter that Benchmark suit holds Uber ‘hostage’

Two CEO candidates are said to express dismay with legal fight

Three Uber Technologies Inc.
investors said a lawsuit against co-founder Travis Kalanick was
designed to “hold the company hostage” and asked Benchmark, the venture
capital firm that brought the suit, to step down from the board.

The
investors sent a letter Friday addressed to Benchmark, saying they
opposed the suit, according to a copy reviewed by Bloomberg. The
investors are Sherpa Capital’s
Shervin Pishevar, Yucaipa Companies’ Ron Burkle and Maverick’s Adam
Leber. They don’t hold seats on the board or a majority of the company’s
stock, but the letter said they’re seeking other shareholders to add
their signatures.

Battles among Uber stakeholders have spilled into public view, and the conflicts risk paralyzing
the ride-hailing company at a crucial time. Uber is looking to quickly
fill the vacant CEO position, while trying to boost morale, battle a
trade secrets lawsuit from Alphabet Inc. and defend against well-funded rivals. At least two people in consideration for the CEO job, including General Electric Co.
Chairman Jeffrey Immelt, called Uber directors expressing dismay after
this week’s suit, people familiar with the discussions said....MORE